Australia's Pacific Current Group said on Wednesday it received a non-binding indicative buyout offer from global fund manager GQG Partners, valuing the firm at A$567.3 million ($359.04 million). Pacific Current, which serially invests in growing asset managers locally, was recently subject to a bidding war between investment manager Regal Partners and GQG. Pacific's independent board committee confirmed it had received a buyout bid from GQG Partners for the acquisition of the entire firm for A$11 per share in cash, representing a 20.1% premium to its last close on Wednesday.
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